Bouvel Investment Partners, LLC

The portfolio structure is hybrid in nature, combining active equity selection with a substantial allocation to Exchange Traded Funds (ETFs). Approximately 20.7% of the portfolio is allocated to ETFs, likely serving as a liquidity buffer or a tool for broad market exposure. The remaining exposure is heavily skewed towards individual equities, particularly within the technology and industrial sectors. The turnover rate for the quarter was notably high, with 28 new positions initiated and 17 positions sold completely, indicating an active management style focused on capitalizing on specific market themes rather than passive indexing.

2. Key Holdings